Evening Briefing

Big banks have been trying to one-up each other in a bid to be the kindler, gentler workplace for aspiring masters of the universe. But some on Wall Street see things differently. Cantor Fitzgerald Chief Executive Officer Howard Lutnick said that junior bankers who complain about long hours and tough bosses should “choose another living.” —David E. Rovella

Bloomberg is tracking the progress of coronavirus vaccines while mapping the pandemic worldwide.

Here are today’s top stories

People have been looking around for signs of permanent pandemic fallout. Well if this trend holds, it may reshape everyday life in America: More than half of hospitality workers—those folks who serve you in restaurants, bars and hotels—say they won’t go back to their old jobs, with more than one-third adding they won’t return to the industry at all. You couldn’t pay them to go back.

A basket of stock favorites among the retail trading crowd is heading for a bear-market plunge of 20% as investors flee to safer bets. U.S. stocks dropped the most in almost three weeks Thursday amid growing anxiety that the spread of Covid-19 variants will upend growth expectations, undoing popular reflation trades (what is a reflation trade you ask?). Treasuries gained for an eighth day. Here’s your markets wrap.

The Tokyo Olympics will ban domestic spectators in events held in Japan’s capital, revising an earlier decision to allow some fans as the resurgence of Covid-19 pushed the government to declare a state of emergency in the city.

More than four million people have perished in the pandemic. But the question remains why some get sick from Covid-19 while others do not? How does the delta variant dodge the human immune system? Researchers have now shed some light on these mysteries. This week was Africa’s worst of the pandemic, with cases jumping 20% over the last 7 days, a situation that’s expected to get worse. In the U.S., Pfizer-BioNTech is looking to request emergency approval of a booster version of its shot next month. The Biden administration is sending people door-to-door to offer vaccinations, but in Missouri where almost 10,000 have died and infections are rising, Republican Governor Mike Parson said such efforts to protect his constituents aren’t welcome. Here’s the latest on the pandemic.

Missouri Governor Mike Parson Photographer: Michael B. Thomas/Getty Images North America Retreating from a widely criticized decision, U.S. regulators approved an updated label for Biogen’s controversial Alzheimer’s drug. The new guidance reins in what some doctors assailed as an overly broad approval for patients who hadn’t been studied in clinical trials.

New York City and Connecticut, with some of the worst wealth gaps in the U.S., are gifting publicly-financed savings bonds to children through two programs aimed at stemming racial income inequality.

As the 20th anniversary of 9-11 approaches, President Joe Biden sought to defend his decision to end America’s longest war despite fears the Taliban will quickly retake control. “I will not send another generation of Americans to war in Afghanistan with no reasonable expectation of achieving a different outcome,” he said. Almost 3,000 people were killed by members of Al Qaeda on Sept. 11, 2001. According to Brown University, about 241,000 have been killed as a result of the war that followed, 2,448 of which were U.S. military. The war has also displaced some 2.7 million Afghans, forcing them to flee their country.

A U.S. Air Force helicopter flies over Kabul, Afghanistan, on April 29. Photographer: Florian Gaertner/Photothek What you’ll need to know tomorrow

Crypto scammers grab billions in digital pump-and-dump schemes. Plunging stocks are finally heeding the signal from bonds. John Authers’ indicators: waiting for wage inflation. Black senior managers at Walmart don’t recommend working there. U.S. prisoners sent home early are dreading the pandemic’s end. Bloomberg Opinion: Google antitrust suit has right target, wrong idea. Bloomberg Opinion: How to mine green Bitcoin? With coal, of course.

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Maybe You Should Stay Home This Summer, Too

France is warning citizens against vacationing in Spain and Portugal, the latest sign that the delta variant could wreck Europe’s summer. With the movement of tens of thousands of vacationers already underway, European Affairs Minister Clement Beaune advised those who haven’t yet booked to go elsewhere or vacation domestically.

In pre-Covid times, European tourists would fill the beach in Lloret de Mar, Spain. Photographer: Cate Gillon/Getty Images Europe Like getting the Evening Briefing? Subscribe to Bloomberg.com for unlimited access to trusted, data-driven journalism and gain expert analysis from exclusive subscriber-only newsletters.

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